“The endorsement of our StatPro Revolution by a major Singapore based asset manager is an important step in our growth in Asia”

The Singapore Monetary Authority was singing the praises of cloud computing recently…

Portfolio analytics software provider StatPro Group PLC (LON:SOG) has signed a two-and-a-half year contract extension and consulting agreement with a “major” asset manager based in Singapore.

The deal, which will net StatPro US$1mln over the length of the contract, is for the AIM-listed group to migrate the asset manager from StatPro Seven to its cloud-based StatPro Revolution platform.

It comes after the Singapore Monetary Authority issued an update to its outsourcing guidelines last year, when it stated the benefits of cloud computing to financial services institutions in the country.

“MAS … recognises that institutions may leverage on such a service to enhance their operations and service efficiency while reaping the benefits of cloud services' scalable, standardised and secured infrastructure,” read the update last summer.

‘An important endorsement of our offering’, says boss

“We are delighted by this client conversion and uplift from StatPro Seven to StatPro Revolution,” said chief executive Justin Wheatley.

“Singapore is a major hub for asset management in Asia and the endorsement of our cloud-based solution, StatPro Revolution, by a major Singapore based asset manager is an important step in our growth in Asia.

“Our highly scalable, super-fast and precise cloud-based services are taking the asset management industry into the next generation of technology.

“With price pressure and regulation forcing our clients to improve efficiency and their quality of service, while cutting costs, we are well placed to support all our clients.”

“StatPro has truly been a career highlight for me and I leave with a feeling of achievement with all that has been done since the business listed in May 2000,” Bacon said when his decision to step down was announced in April

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